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mandatory cuts in federal spending, another debt ceiling vote, along with new worries over the effect of any cuts on a still-weak economy. at issue is nothing less than the size and responsibility of the federal government. we call the film "cliffhanger." frontline is made possible by contributions to your pbs station from viewers like you. and by the corporation for public broadcasting. major support for frontline is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant and peaceful world. more information is available at macfound.org. additional funding is provided by the park foundation, dedicated to heightening public awareness of critical issues. and by the frontline journalism fund, with a grant from scott nathan and laura debonis. >> polls open across the... >> it's going to be a fierce battle for control of the house and the senate... >> one of the most closely watched midterm elections in years... >> decision day, voters across america head to the polls for midterm elections, with control of congress hanging in the balance... >>
leadership in the house of representatives. and it was designed to raise the debt ceiling because we had borrowed all the money that legally could be borrowed, and the administration wanted to spend more and borrow more money. we were borrowing well over 35 cents out of every dollar that we spent at that time and still are, and so he wanted to raise the debt ceiling, and the people holding the credit card, the united states congress, said wait a minute, you have run up too much debt, you have got to lay out a plan that at least over ten years would equal the amount we raised the debt ceiling. you get to spend that money now, and it was spent in 18 months. we already hit the debt ceiling again. we would raise this debt ceiling $2.1 trillion, and an agreement was reached to reduce spending over the next ten years by $2.1 trillion. so that was then. the president signed that. the democratic leader in the senate agreed to that. the speaker of the house, the republican, agreed to that. that became the law. well, we were on path at that time -- and these are numbers that we live with every day
the negative affects on the security of the country. >> the is he questionster was enacted during the 2011 debt ceiling negotiations and only to happen if law makers failed to agree. clearly, that's the case. meanwhile, president obama taking state of the union address to the road. he met with students and teachers at the college heights early education program. plans for increasing pre-school education. the president highlighted the program during his address tuesday night. today he emphasized earlier a child begins learning, the better he or she does down the road. >> the kids we saw today that i had a chance to spend time with in mary's classroom, they are some of the lucky ones. because fewer than 3 in 10 four year olds are enrolled in a high quality pre-school program. >> the president says congress needs to come up with a way to pay for all children to have pre-school education. republicans say they want to review his head start program before they spend more taxpayer money. >>> the edge on dc. today is valentine's day. this date has been used to bring awareness to violent acts against wo
caught tampering with this stuff again like we did on debt ceiling. but how does boehner try to keep control of his side on this? >> well, and that has been the big question. it is remarkable, actually, that we were able to avoid the fiscal cliff. i mean, we sort of went over it and we were able to keep that intact. and the republicans basically blinked, they realized on some level that they were becoming known as the party of manufacturing crisis. this was all they -- that they had to offer the country. if they go down that path too many times, their approval ratings are already at all-time lows. they can't sink any further in the public's estimation. and we're looking at sequester and continuing resolution. we're going to have another debt ceiling debate in the summer. now rather than the burden being on the democrats to figure out the problems, i really think the burden is on the republicans because if they have cause these crises time and time again, the american public sees what is going on and understands who is responsible. >> the president is offering them the chance to avoid
failed on the prior debt ceiling negotiations. we need to pass gun safety and gun violence prevention out of the house. we need to start here. we have many sensible measures. we have a gun task force that has put forth a variety of measures which should be by bipartisan. we should put those on the moore. the victims of gun violence, their families, their communities, they deserve this. not only calling for a vote, but i say we should call for a vote, and we should call for these bills to be passed. i think what the president said last night and how he said it was a call to arms for the country. people need to get on the phones e-mail and have their members of congress not be bullied by the nra and to support some of these gun safety measures. >> john: well, speaking of the nra i would have to say the most dramatic moment came at the end when the president calls for real action on gun violence. there seems to be a consensus that a bill expanding background checks could pass the house. does it look like those are lost cause force now? >> not lost causes, but an uphill battle. but again i do
with the economy, you know, the fiscal cliff, debt ceiling, all of this, i'm looking for an investment that's etf based and is gold, but is based on the physical. i'm really into like, you know, physical investing and not just straightup normal etfs. >> well if that's the case, you got to be careful. the closest we have is the gld and i'm not backing away from that. i think that is -- i've talked to a lot of gold dealers, some are nervous, some aren't. i think gld does fine. always telling you too do your homework. why? it's a way to build conviction. leave the panic to everyone else, and i'll try to make you even more money. >> jim cramer, you're one of my heroes. >> i look forward to your show every week night. >> thank you so much for helping beginning investors like me. >> when you talk about the market, i just believe that you're spot on. >> i love it. thank you so much. every night we watch you. i have learned and earned. >>> we talked about the way stocks diverge from companies. let me tell you about a tool that can help you make money quickly but carries a certain amount of risk and can b
? >> yes. >> confronting a fiscal cliff in january, potential debt ceiling dault, in march, sequestration, government shutdown -- could this shake the confidence of some investors and our ability to deal with our responsibility? >> yes, congressman, we think that perennial crisis mode of fiscal policy over the past few years is reducing people's confidence. how big an effect that is, we don't know. >> the gentleman's time has expired. >> thank you, chair and thank you for being back with us. by anyone's objective measure, we would consider you a smart and intelligent man and a good economist. >> thank you, congressman. >> it strikes me that some of us want to speechify rather than use this precious time to engage you in conversation. for the record, i really appreciate that line of questioning. i will try to continue on in that regard. speaking of speechifying, we heard it is impossible to get ourselves out of this debt situation through spending cuts alone. i want to understand, that if i am correct, that the cbo projects that revenue will double from 2012 levels to $5 trillion in 2023
failed to get any negotiation with republicans over the debt ceiling. he said guys, i have an idea, it's called sequester. $1.2 trillion over 10 years. you know what republicans said in we don't like that you want half the cuts to come from defense. no, we're going to do it. now the president doesn't want it because he's not interested in cutting. >> they both signed on to the agreement. i called it a backup backbone. but i agree with you on this, the cuts are not cuts, they're shaving off the growth of varies programs in the future so nothing is outright cut. in a $3.5 trillion budget, $82 billion is a joke. having said that, it's better than nothing. it's better than just letting this pass by. >> right. you know why it's better? the american people have said that the debt in our debt deficit is their biggest worry. pew research did a study and guess where the deficit and debt was with american people. number one. american people know what's good for the country but the president doesn't seem to. i think the sequester is a great start but i want your -- i want everybody to understand
on the first of march, debt ceiling issue right after that, and then we have the eurozone. just right now they are trying to figure out how can we raise more capital to sustain the countries in europe. if that goes through, that's going to be a big issue for trading in the u.s. and internationally as well. taking a big bite out of potentially what we can have for a profit overall. those are real worries. but somehow, the u.s. markets right now to push those aside and avert those because someway, somehow, they are going to be averted and there is going to be an answer to them in the market will go straight up. which i think is a little bit of false sense of security. those opportunities that they do, those are the buying opportunities. long-term, optimistic, short term. david: we will get to your stock picks in the second. they are yearning for higher yields, but there is a lot of risk. does that concern you at all? >> we have had this low, honestly we are hovering near 2% now, the bigger picture is it is the better part of 30 years. from our viewpoint, we want to look at corporate bonds.
, but they said, oh, the debt ceiling. the debt ceiling, we can use that as a lever to make the democrats give us significant cuts to the federal budget. so what they did in august of 2011 they said that we're going to allow -- we're not going to raise the debt ceiling. we're going to allow the federal government to default on previously acquired obligations of the united states so not pay our bills that we already acquired and risk our a.a.a. debt -- a.a.a. credit rating if you do not impose dramatic cuts. what the president said, ok, we'll give you some cuts upfront and we'll set up something called the supercommittee, three democrats from the house, three republicans from the house, three republicans from the senate, three democrats from the senate, we call that the supercommittee and they are going to give us an up or down vote on some other cuts. but if they don't then we are going to have this thing called the sequester and it will be across-the-board cuts in a dramatic and really imposing way. the sequester is what we're facing now because the supercommittee failed. now, the supercommittee
of reforming taxes, they've got to do the really hard work of working on the debt ceiling, these other issues. they're trying to back away now and blame this on the president. i don't think it's going to work. >> and basically with john boehner saying they are not on board with anything the president has to do agenda wise. a minimum wage hike is basically d.o.a. >> that's probably right. i just don't think that a hike in the minimum wage will pass, you know, the house of representatives today. but at the end of the day, the president was right. they deserve a vote. working families around this country deserve a vote. and if you vote against the minimum wage, you ought to be able to go back home and defend it before your constituents. >> great to see you this morning, thanks for joining me. >> thanks for having me. >> absolutely. >>> coming up next, he was the first double amputee to run in the olympics, but the man known as the blade runner is a suspect in a murder. >>> and it's a new segment we kicked off this week. today's pick comes from the spirit of valentine's day, why it's a good reaso
and debt ceiling that he has not been able to get his picks through, and i think the longer the hagel thing sits out there, andrea, the more danger it is -- dangerous it is for chuck hagel's chances. >> can i just point out -- >> i'm being told that the white house council has sent a letter. >> i have the letter here. >> very good. tag teaming. >> the letter from katherine rumler, to senators mccain, graham, and ayotte says she is trying to address concerns that have been raised by you and the armed services committee in connection with the nomination. she quotes extensively from the review board, remember the review board from pickering and admiral mueller, which said that there simply was not enough time for a military response. then she says this intensive response, which was directedly the president, included 13 meetings of interagency principles and deputies within a week of the attack. of course, this does not address their concerns about what was happening in the hours, the seven hours between the initial attack and when the second attack started and the three other americans were ki
, budget stops and debt ceilings and all that stuff. he said leading this country to financial ruin right now, he talked about, and warned even when these days of chaos come afterwards, you better be armed about it. nobody knows if or when the fiscal collapse will come. but if the country is broke, there's likely to be not enough money to pay for police protection and the american people know it. when wayne lapierre testified before congress, he emphasized this fear, that people have got to protect themselves from marauding mobs and the government might not be able to do the job. let's listen to him on that point again. >> i also think though that what people all over the country fear today is being abandoned by their government. if a tornado hits, if a hurricane hits, if a riot occurs, that they're going to be out there alone, and the only way they're going to protect themselves in the cold, in the dark, when they're vulnerable is with a five arm. >> you know, congressman, what he's really appealing to here, if you have studied the groups like survivalist groups and posse comitatus that
you mean by hostage politics? >> well, you see the republican party every time the debt ceiling comes up trying to leverage that, making sure the president can't pass anything else, that we don't get past that debate unless they get their way i think the american people want us to get past that. the debt is very important but you can't have the same fight that's disruptive every six months. >> woodruff: congressman collins how do you see that? >> i think what we've got to do is look -- of course we represent everyone. in our districts and everyone in our state but more importantly everyone in our country. what we have to understand is we fight for the principles we ran on, we fight for the principles we believe in this country from an economic standpoint make us great. what we've got to understand here is many times these issues that divide us also can bring us together but it's not going to be one from bringing up the same old thing and to respond to the point of republicans, it's also been a theme of the democratic party as well to go back to taxing certain classes of people and tha
have the deadline about the debt ceiling. so all these fiscal matters and you have to wonder if that's going to suck so much political oxygen out of capitol hill, what else will they be able to get done. every three months there's another fiscal crisis. >> manufactured crisis is the way president obama phrased it. >>> california lawmakers are considering a ban against hands free texting. a study sound hands free texting demands long eer glances away fm the road. >>> a new zealand coroner says a two gallon a day coca cola habit was a substantial factor in the death of a 31-year-old woman. natasha harris died suddenly three years ago. her death was caught on by a heart attack brought on by excessive consumption of coke. just any about that, obviously loaded with sugar, caffeine, which jacks up your blood pressure. >> her heart exploded. >> are you kidding me? >> 31 years old, 8 children, 10 liters of coca cola a day? >> are you kidding me? >> i don't drink ten liters of anything on a given day. she was freezing the coca cola, popping those in for breakfast. >> that level of caffeine an
kind of -- well, no, that was the debt ceiling. here's my point, obama's going to turn up the heat as it gets closer to the deadline. as dana and i have been talking about, we both think the can's going to be kicking down the road anyway and as obama pushes other agenda items in the state of the union, the blame game just doesn't work outside of the capitol. i think people don't understand why congress cannot do a basic job of deciding on what to spend and what to cut. >> they're not watching that minutia is what you're saying. >> right. this is not -- they're not looking at decimal points and the broad theme is dysfunction and gridlock and therefore, i think, it's just both houses. >> we've seen a very confident president during the recent weeks, we saw the state of the union showing that confidence, that swagger as many have said. not pressing hard to deal with the sequester right now that he thinks maybe that republicans will get the blame here. is that his thought, you think? >> yeah, he's going to let them sweat it out for a little bit. and he's suggesting we move beyond this
programs. and middle of may, you have the deadline about the debt ceiling. so all these fiscal matters and you have to wonder if that's going to suck so much political oxygen out of capitol hill, what else will they be able to get done. every three months there's another fiscal crisis. >> manufactured crisis is the way president obama phrased it. >>> california lawmakers are considering a ban against hands free texting while driving. a state senator who wants to outlaw the practice says voice-controlled texting behind the wheel is just as dangerous as typing out the letters. a recent study found hands-free texting demands longer glances away from the road. the first hearing on this bill is expected in the spring. >>> a new zealand coroner says a two gallon a day coca cola habit was a substantial factor in the death of a 31-year-old woman. natasha harris was a mother of eight who died suddenly three years ago. the coroner found that her death was caused by a heart attack which he says was brought on by excessive consumption of coke. coca-cola disputes the findings, saying her overall he
window which apparently is what the speaker had to agree to do his part of extending the debt ceiling, is not good economics. that is politics so i would hope as we go through this process, keep an eye on the point i raised, what is the impact on the economy, short-term, long-term and middle term and what is the effect on jobs? >> i would say balance the budget but i guess we disagree on that. dr. price. >> thank you mr. chairman. i'm going to follow up on that quickly. mr. director welcome. we appreciate your insight and are in point. is it better to have a balanced budget that not? >> congressman i think that depends on what your values aren't. the reason the studio doesn't make recommendations about the budget policy is because the course that you and her colleagues choose depend not just on these -- but on your budget. the level of debt that you described 72% of public debt help her down 80% under your alternative fiscal scenario, i would suspect he would agree that a level of 87% is not as wise as the level of 76% given the propensity for fiscal crisis that 87 being higher than 7
't your first thing that you talk about, you mentioned washington, the sequester, the debt ceiling, every single thing you mentioned was policymakers. has it always been like that or is this a different period for your firm? >> this is i think pretty new. >> so it's hard to avoid talking about those things, right? >> that you have to pay attention to central banks, of course, and this philosophy of becoming more like bernanke. and then, of course, you have to watch what happens in washington. >> we never used to, though, did we? >> no. it's certainly -- >> how much more time did you spend in washington? >> it's forget, just looking at the years with it it all along. >> do you agree with that? >> i do. i think policy making has become the macro. these bright spots that people are talking about today have unfolded over much of the last year. so our case could be -- it's not that they ignored it. they were so amass by the focus on the fiscal cliff and on europe that has those things waned a little bit, these things now come to the forefront. but they've been going on really for some time. >>
or to raise the debt ceiling. as i said what moment ago, families roos america have to balance their budgets and, of course, along with the budget brings the discipline of deciding what your priorities are, the things you have to have and can't live without, the things you want but have to defer and then the things maybe you'd like to have but you simply can't afford. well, this number right here, 1,387 days since the senate passed a budget, is one reason why our debt continues to go up by leaps and bounds, and there's no plan in sight to bring it under control. here's the bottom line for president obama: the 2012 election is over and now it's time to govern. it's time to move beyond the campaign rhetoric, drop the gimmicks, and work across the aisle with republicans to do what's right for the country. we're ready, willing, and able to engage with the president and our democratic colleagues to try to address these problems that confront our country. in fact, there is no good reason for any of us to be here unless we're willing to do that. madam president, i yield the floor. a senator: madam
(k)ing the. guys, there's no ceiling on it. it could go higher than the rate they talk about now. >> not that i support it, but the e.u. is implementing the tax to help with the debt crisis? what's the purpose? >> they need money. france, italy, germany, they need money. there are 11 countries now. the u.k. is not in on is just yet, but letter writers say, hey, wait a second, if you do the tax, that's wrecking trade treaties between the e.u. and united states. >> that's tax dollars coming from the u.s. helping them in europe? >> that's right. you won't know it's in your account. watch out. >> always great to see you. you can come back tomorrow. >> delighted to. >> natural gas prices now, sinking 5% in the latest supply data. government says stockpiles fell less than expected so that could be a sign of weak demand. it is the third straight week that the drop in supply was smaller than analysts' forecast, and now it hit its lowest level in a month, so much volatility in natural gas. down 5% today. >> wall street firms leaving new york for business friendly florida where there are n
Search Results 0 to 31 of about 32 (some duplicates have been removed)